Seize, the ride-hailing agency that acquired Uber’s Southeast Asia enterprise, is aiming to catalyze the early-stage startup scene in Southeast Asia after it launched an accelerator and funding unit known as Seize Ventures.
The six-year-old firm has already made investments and acquisitions — backing startups like Drive.ai and shopping for Indonesia’s Kudo and India-based iKaaz — and Seize Ventures will construct on that by making Eight-10 investments over the approaching 24 month interval, however it’s also providing totally different form of assist. The agency will provide an accelerator program for “growth-stage” corporations and play a hand incubating new providers inside Seize, in response to Chris Yeo, Head of Seize Ventures.
That accelerator effort — known as ‘Velocity’ — will launch its first consumption earlier than the tip of the 12 months with round 4 to 6 corporations per batch.
“It’s time for us to replicate on the super assist we’ve seen over time and provides again to the neighborhood,” he advised TechCrunch in an interview. “We’ve got a accountability to empower the following era of startups in Southeast Asia. We’ve got a sturdy perception in taking a partnership strategy, we all know we will’t do it alone.”
On the accomplice aspect, Seize has recruited Singapore authorities companies Data-communications Media Improvement Authority of Singapore (IMDA) and Enterprise SG to help its efforts.
Taken collectively, Seize stated it’s aiming to assist construct an ecosystem of corporations in Southeast Asia, a area of over 600 million shoppers the place the web economic system is tipped to develop from $50 billion per 12 months in 2017 to over $200 billion by 2025, in response to a current report authored by Google. Trip-hailing as a phase is forecast to rise to $20 billion by 2025 up from $5 billion final 12 months.
Seize believes that now it has reached scale with over 100 million downloads and greater than 200 cities, the agency can assist different startups stand up.
“Our object is to construct new startups inside Seize and scale present promising growth-stage startups. “Our hope for them is to develop from native leaders to regional champions and possibly world challengers,” stated Yeo.
Seize Cycle is one enterprise that Seize Ventures has incubated
Not like conventional accelerator applications, Velocity isn’t aimed toward a selected sort of firm whereas it’s pretty common when it comes to the levels that they’re at. Yeo stated the thought is to be versatile and work with corporations that may profit from Seize’s regional enterprise and its varied enterprise items, which past taxis embody meals supply, cell fee and monetary providers.
“[Selection] will depend on the startup, sector and trade,” Yeo defined. “Ideally they’ve bought funding and wish to scale up their enterprise — which suggests usually going into extra international locations or accessing a bigger buyer base.”
Nevertheless, Velocity won’t take fairness/provide funding as a part of this system, though there could also be funding alternatives with Seize Ventures additional now the road, in response to Yeo.
On the funding aspect, the main target can be broad, too.
Yeo stated that Seize ventures isn’t a devoted VC arm. There’s no set verify dimension per funding (nor a complete fund dimension) however it’s broadly seeking to again Eight-10 corporations in areas that align with Seize’s enterprise, though monetary providers seems to be like being a significant focus since Seize has already constructed a robust enterprise in taxis, logistics and (most just lately) meals supply.
Yeo stated Seize would again extra startups than that focus on if it finds the proper alternatives. He stated the enterprise will establish alternatives utilizing its groups within the eight markets that Seize is current. Whereas Singapore, the place Seize is predicated, is a key focus for the enterprise alongside Indonesia, Southeast Asia’s largest economic system and the world’s fourth most-populous nation, Yeo stated Seize Ventures will search for funding alternatives throughout the Southeast Asian area.